Stocks to buy- Charts suggest Tata Power, Torrent Pharma shares may soar higher, 18% upside seen
时间:2024-06-26 10:51:59 阅读(143)
BSE Sensex and NSE Nifty 50 continue their volatile journey with bulls and bears fighting among themselves on Dalal Street. On Wednesday, S&P BSE Sensex was above 53,400 levels while the NSE Nifty 50 index touched 15,900. However, volatility still remains high with quick reversals from the top not ruled out. Amid this, analysts at ICICI Direct have picked Tata Power and Torrent Pharma as their quant picks, based on technical and derivative data. The brokerage firm is projecting as much as 18% upside potential within the next three months. Tata Power: BUYTarget price: Rs 252Upside: 18%
Tata Power Company’s share price is down 5.4% so far this year, faring better than the benchmark indices Sensex and Nifty. Analysts said that Tata Power has been witnessing delivery-based buying interest at the support levels of Rs 200. “We expect Tata Power to continue its positive momentum on the back of fresh long additions,” they added. Although the stock has seen a reduction in open interest, ICICI Direct said that with low leverage, downside looks to be very limited.
Torrent Pharma share price has tanked 10% so far this year. Now, analysts believe the low leverage of Torrent Pharma could benefit the stock. “The open interest in the stock was relatively subdued in the last six months. However, with the recent relative outperformance in the pharma space, the stock has seen a gradual build-up of open interest in the last couple of weeks with the recent price performance,” said ICICI Direct. They added that fresh long additions may be seen, which should take the stock higher in the coming trading sessions.
“The Delivery Z score reading in the cash segment indicates there is still room for further delivery pick-up in coming days. In due course, an up move should pan out in the stock,” analysts noted. Support for the stock is seen near Rs 2,800 per share. Buying in the Rs 2,890-2,920 range has been suggested with a stop loss at Rs 2,659 per share. The target price hints at 12% upside.
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